Broadcom shares up on raised outlook

BenjaminPimentel

SAN FRANCISCO (MarketWatch) - Shares of Broadcom Corp.
brcm
were up 2% Thursday morning after the chip maker raised its fourth-quarter sales forecast, citing "slightly better-than-expected revenue" in the company's mobile and wireless business. Broadcom on Wednesday said it expects revenue in the range of roughly $2 billion to $2.1 billion, compared to a previous outlook of $1.95 billion to $2.1 billion. Canaccord Genuity analyst Bobby Burleson reiterated a buy rating on the stock, saying, "While the top line was only raised slightly ... we believe additional upside could be likely as we move into the first quarter."

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